Trump says U.S., China still talking on trade but not ready for a deal

FILE PHOTO: U.S. President Donald Trump speaks about the shootings in El Paso and Dayton in the Diplomatic Room of the White House in Washington, U.S., August 5, 2019. REUTERS/Leah Millis

By Roberta Rampton

WASHINGTON (Reuters) – President Donald Trump said on Friday that the United States and China were still pursuing a trade agreement but he was not ready to make a deal.

Speaking to reporters at the White House before departing for fundraisers in New York state, Trump also said the United States would continue to refrain from doing business with Chinese telecoms equipment giant Huawei Technologies.

U.S. stocks extended losses after his comments, looking set to end a punishing week deep in the red on rising trade war worries.[.N]

“We’re doing very well with China. We’re talking with China. We’re not ready to make a deal – but we’ll see what happens,” Trump said.

“China wants to do something, but I’m not ready to do anything yet. Twenty-five years of abuse – I’m not ready so fast, so we’ll see how that works out.” the president added.

Trump said the United States would not do business with Huawei for the time being, although that might change with a trade deal.

The U.S. Commerce Department, which had effectively banned Huawei in May from purchasing U.S. technology, software and services over national security concerns, had been considering granting some licenses for American companies to sell certain products to Huawei.

(Reporting by Roberta Rampton and Jonas Ekblom; Writing by David Lawder and Humeyra Pamuk; Editing by Steve Orlofsky and Howard Goller)